Process documentationVerifying Exports

 

Before you prepare a VAT return, you must verify which of your exports qualify for 0% VAT (value-added tax) (see Export Verification). If an export does not qualify for 0% VAT, you have to charge the normal rates of VAT.

Process

  1. You verify which exports do or do not qualify for 0% VAT.

    An export's qualifying (or not) for 0% VAT is termed a “secondary event.” In this step you merely mark whether an export qualifies or not.

    You create the secondary event as described in Secondary Events Creation for Exports.

  2. You run the Deferred Tax and Secondary Events programs as described in Closing for VAT.

    These programs make the necessary VAT postings.